There will be multi-touch gestures OS-wide. (Would make sense for that as the rumored OS for the iTablet is close if not the same as the iPhone)

“A few new ways” to run applications in the background — multitasking.

Many graphical and UI changes to make navigating through the OS easier and more efficient. We haven’t had this broken down, but we can only hope for improved notifications, a refreshed homescreen, etc.

The update will supposedly be available for only the iPhone 3G and 3GS, but will “put them ahead in the smartphone market because it will make them more like full-fledged computers” more than any other phone to date. Everyone is “really excited.”

The last piece of information is the most vague, but apparently there will be some brand new syncing ability for the contacts and calendar applications.

We are all well aware of other smartphones having the ability to multitask. We are also aware of various options on the jailbreak front that provide the ability to multitask as well. So this feature isn't particularly a new idea, but nonetheless, I would love to have to have apple supported multitasking. Hopefully such ability will bring a plethora of options such as instant notifications from apps running that aren't on the screen, push notifications that still run while an app is open, etc.

However, I will also admit, that it's sad seeing some of these updates come to the iPhone after all the work that developers have put in to bring these features to use before Apple could wrap their head around it. As with the 3.0 update, I can see many apps being obsolete due to new features.

It's been rumored that iPhone OS 4.0 would also be what they use to run the tablet, but dear god, I hope that's not the case. I might have to cry a little bit. I for one, don't want a super-sized iPhone.

Of course, with the trends Apple has recently been following, Boy Genius says that the update won't be available to first generation users. This I can believe as Apple seems to have finally stopped committing to supporting all their products. Nonetheless, I for one am excited for next week. How about you?